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Sangamon Sun

Friday, April 26, 2024

Former state university employee Wetstein paid in $64K to pension fund, could collect $1.84M in retirement

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Former state university employee Mark Wetstein, who retired in February 2016, saved $64,285 toward a pension over 25 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Wetstein would collect as much as $1.84 million, according to a projection by Local Government Information Services (LGIS), which publishes Sangamon Sun.

The projection assumes Wetstein received $38,625 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Wetstein will have already received $78,409 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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